DCF sensitivity calculator
A two-stage discounted cash flow model with live assumption sliders and a WACC × terminal growth sensitivity grid. Adjust below and download your model as Excel.
Calculator
Base Revenue: ₹10,000 Cr · Shares: 100 Cr
Assumptions
Cash flow projection
| Year | Revenue | EBIT | FCF | PV (FCF) |
|---|---|---|---|---|
| FY1 | ₹11,500 Cr | ₹2,300 Cr | ₹1,725 Cr | ₹1,540 Cr |
| FY2 | ₹13,225 Cr | ₹2,645 Cr | ₹1,984 Cr | ₹1,581 Cr |
| FY3 | ₹15,209 Cr | ₹3,042 Cr | ₹2,281 Cr | ₹1,624 Cr |
| FY4 | ₹17,490 Cr | ₹3,498 Cr | ₹2,624 Cr | ₹1,667 Cr |
| FY5 | ₹20,114 Cr | ₹4,023 Cr | ₹3,017 Cr | ₹1,712 Cr |
| TV | ₹42,037 Cr | ₹23,853 Cr | ||
| EV | ₹31,978 Cr | |||
Sensitivity: value per share (₹)
WACC → (columns) · Terminal Growth ↓ (rows) · Outlined cell = base case
| TG / WACC | 10.0% | 11.0% | 12.0% | 13.0% | 14.0% |
|---|---|---|---|---|---|
| 6.5% | ₹656 | ₹507 | ₹413 | ₹347 | ₹300 |
| 5.5% | ₹525 | ₹427 | ₹359 | ₹309 | ₹271 |
| 4.5% | ₹442 | ₹371 | ₹320 | ₹280 | ₹249 |
| 3.5% | ₹384 | ₹331 | ₹290 | ₹257 | ₹231 |
| 2.5% | ₹342 | ₹299 | ₹266 | ₹239 | ₹217 |
Valuation summary
Sample Company
FCF is simplified as NOPAT (EBIT after tax) - a full model would account for capex, changes in working capital, and depreciation separately. All figures in ₹ crore. Not financial advice.
How to read this
Assumptions (top-left): Six sliders control the key drivers. Revenue growth and operating margin determine the size of each year's FCF. WACC is the cost of capital - it both discounts the forecast-period cash flows and anchors the terminal value denominator. Terminal growth is the rate at which cash flows are assumed to grow in perpetuity beyond the forecast period.
Cash flow table (top-right): Year-by-year projection. FCF here is NOPAT (EBIT after tax) - a simplification that ignores capex and working capital changes. The TV row shows the Gordon Growth perpetuity value, discounted back to today. The final EV row is their sum.
Sensitivity grid (bottom-left): The 5×5 matrix holds WACC fixed on columns (±2% from your base) and terminal growth on rows. Green = higher value, red = lower. The outlined cell is your current base case. A single-point DCF estimate is almost never the right answer - the grid shows the range of outcomes under plausible assumptions.
Valuation summary (bottom-right): Enterprise value minus net debt gives equity value. Divide by shares outstanding to get per-share intrinsic value. If you set a current market price (via the props API when embedding this in a research article), the tool shows upside or downside to the market's implied estimate.
What this model does not capture
- Capex and depreciation (FCF ≠ NOPAT in capital-intensive businesses)
- Working capital changes across the business cycle
- Balance sheet items: debt maturity profile, contingent liabilities, minorities
- Non-linear or declining growth phases (a two-stage or three-stage model)
- Qualitative factors: management quality, competitive moat, regulatory environment, promoter track record
Use this as a first-pass framework, then stress-test with your own numbers.
Learn the concept
DCF: Theory and Mechanics →Common DCF mistakes
Common DCF Mistakes →Cost of capital
Cost of Capital →Terminal value approaches
Terminal Value Approaches →From the research
How to Value a Company Using a Discounted Cash Flow Model
A step-by-step DCF walkthrough with one worked example: forecasting free cash flow, choosing a discount rate, terminal value, and value per share.
ValuationHow to Integrate ESG Factors into a Company Valuation
ESG belongs inside the valuation, not as a separate score. Pick material issues, place them in cash flows or discount rates, and avoid double counting.
ValuationTerminal value dominates valuations, and why that should worry you
In a typical DCF, most of the value sits beyond the forecast period. Why that happens, how fragile it is, and how to handle it honestly.
Stay in the loop
Roughly one email per month. No spam, no upsells.